Daiwa starts European cuts

Daiwa Europe embarked on its first round of job cuts in London last week on the back of the recently announced tie-up between Japanese parent Daiwa Securities and Sumitomo Bank.

Up to 60 staff are understood to have been laid off last Monday as part of a redundancy programme which covered non-Japanese equity sales, fixed income, corporate finance and the IT department. A further 60 staff in London are expected to go in the next few...